Legal Question in Real Estate Law in New York

QPRT and Capital Gains

I am currently the owner of a co-op which originally belonged to my mother. She gave the co-op to me as a gift via a QPRT which expired in 2000. My mother died last year and I am currently taking steps to sell the property. For capital gains purposes, what would be the value of the property: What she paid for it originally? Value at time of QPRT? Value at expiration of QPRT?


Asked on 6/19/07, 9:29 am

1 Answer from Attorneys
Arnold Nager Arnold H. Nager, Esquire

Re: QPRT and Capital Gains

A property acquired by gift retains the basis of the donor.

You are advised to consult a competent tax accountant or tax attorney.

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Answered on 6/19/07, 2:46 pm


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